Valued at more than AUD$38 million, the six-storey property will feature ground floor retail tenants, a basement car park and 79 Quest serviced apartments over three floors.

The top two floors will comprise 21 one- and two-bedroom private apartments, providing residents with hotel-like services.

Quest Apartment Hotels general manager – growth, James Shields said: “Located on the iconic shopping strip of High Street, visitors will soon be able to take full advantage of what Preston has to offer at one of our premium apartment hotels. Preston is a suburb on the rise with a goal of hosting 10,000 jobs in the area in the long term as part of Victorian government employment plans. Forming part of the economic powerhouse of Melbourne’s north, this $40 billion economy has experienced nearly five per cent growth year-on-year and has $36 billion in committed infrastructure across key projects such as Melbourne Airport Rail Link and North-East Link.”

“With easy access to key drivers such as Melbourne Polytechnic, Northland Shopping Centre, and a burgeoning reputation for its multicultural food offering this property will be attractive to both corporate and leisure travellers,” he added. “Quest Preston will join other Quest locations in Melbourne’s thriving northern suburbs, including Quest Epping, Quest Bundoora and Quest Ivanhoe, to really cement Quest as the leader in the region’s accommodation market. Partnering with developers and retailers creates a unique service offering for our guests. We are confident that the combination of accommodation, residential, and retail space will add value to Preston.”

The property is one of two new Quest Apartment Hotels currently being developed in partnership with Pellicano, with Quest Robina on Queensland’s Gold Coast currently under construction.

“Fifty years in the trade has taught us that the key drivers of any premium mixed-used property are location and access to residential and lifestyle amenities,” Pellicano managing director, Nando Pellicano said. “The convenient location and access to Melbourne’s north suburban lifestyle, paired with Quest’s solid reputation for delivering quality accommodation ensures the success of this project. Quest’s premium accommodation services also presents a unique opportunity to add value to occupants of The Emery Residences by offering hotel-like amenities.”